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Repossesions 2014

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    #32
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    How imminent is such a move potentially? Can they kick this can down the road and past the next election (because if they can, they will)??......or is the need for a cash infusion more pressing than this?


    I'm seeing more and more suggestions along these lines lately. Additionally, Damien Kiberd - in a recent article - was suggesting the only way forward for IRL INC. is to leave the euro.

    There's a sense of deja vu about all of this. Was it 2 or so years ago - we were all looking at options as to what overseas options were available for savings?

    I don't doubt anyone could really afford to get caught up in this but I certainly couldn't!


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    #33
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    The ECB formally takes over oversight this autumn (September as far as I know) and the new stress test results are expected before the end of the year. Any impaired institutions will be expected to come up with a solution pretty much immediately (aka overnight)- or will be subject to a run, which would make the situation even worse. Immediately when the results are released- a solution will have to be deployed- no gap- immediately.


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    #34
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    The_Conductor wrote: »
    The ECB formally takes over oversight this autumn (September as far as I know) and the new stress test results are expected before the end of the year. Any impaired institutions will be expected to come up with a solution pretty much immediately (aka overnight)- or will be subject to a run, which would make the situation even worse. Immediately when the results are released- a solution will have to be deployed- no gap- immediately.
    I guess this has to catch 90% of us by surprise so that there's no 'run' and the vast majority of us get snared. That's also what worries me about what Damien Kiberd's suggestion. I would imagine they would learn from last time round - and hit us with little in the way of speculation on the lead-up to a currency change (although presumably in Ireland that would be very hard to keep under the radar).
    What's the most prudent thing to do right now? If I remember correctly, the cypriot deal eventually led to deposits over 100k being hit. Between bank guarantees and the penchant for successive irish governments to hit the small guy, I'd speculate they would go lower here. Is it time to start looking at overseas accounts once more or is it time for First Mattress Bank?


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    #35
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    makeorbrake wrote: »
    I'd speculate they would go lower here. Is it time to start looking at overseas accounts once more or is it time for First Mattress Bank?

    I concur with your assessment.
    Personally I'd suggest the First Mattress Bank- however, obviously you have an entirely different type of security risk associated with this approach...........


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    #36
    who_ru
    Registered Users Posts: 2,033 ✭✭✭who_ru


    I believe that the stress tests will be a fudge once again. The ECB, probably won't do anything to create greater instability in the peripheral states. Noonan et al are doing their utmost to inflate property prices here so as to give the impression of recovery. Higher property prices ( residential anyway) is the only game in town so as to try and inflate away negative equity, repair dire loan books in nationalised banks, improve tax revenues, bring down govt debt levels.

    As long as this trick appears to be working, superficially at least, I believe the ECB will be inclined to say "nothing to see here" let's move on.

    Although Draghi has said publicly that problems remain in Irish banks, I don't think he'll do too much to further destabilise the great Irish 'recovery'.


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